ASB backs Central Hawke's Bay solar farm as project reaches financial close
Lodestone and Centralines representatives gather on site.
ASB Bank has committed funding to support the development of Central Hawke’s Bay’s first utility-scale solar farm, with joint venture partners Centralines and Lodestone Energy confirming the project has reached financial close. This marks a major milestone, securing the funding required to support the project as it moves through construction.
The approximately $50 million renewable energy project will deliver locally generated electricity directly into the Centralines network and strengthen long-term energy resilience across the region.
Located on the Ruataniwha Plains, the solar farm will comprise approximately 49,000 solar panels and generate around 50 GWh of renewable electricity annually, enough to power approximately 7,000 homes.
Centralines Chair Fenton Wilson said securing financing marked a major milestone not only for the project, but for the future of energy infrastructure in Central Hawke's Bay.
“Reaching financial close is a major milestone, reflecting strong confidence in this project and the role local renewable generation will play in our region’s future. Having ASB on board is a big endorsement of the project’s strength and credibility.”
"As a consumer-owned lines company, we are investing in infrastructure that will support energy resilience, future growth, and long-term benefits for local consumers. We're pleased to be working alongside both Lodestone and ASB to help bring this project to life."
Lodestone Energy Managing Director Gary Holden said the project reflected growing momentum behind renewable energy investment in New Zealand.
"This project is another important step in building the renewable generation New Zealand needs to support electrification, economic growth and energy security.”
"We're proud to partner with Centralines on a project that will generate clean electricity for Hawke's Bay while delivering enduring benefits for the local community."
ASB’s Head of Specialised Lending Matt Dobbs said “ASB is delighted to support Lodestone and Centralines. This project is a great example of what’s possible when the right partners come together with a shared ambition. ASB are committed to playing an active role, supporting projects that improve energy resilience, accelerate the transition to a lower-emissions economy, and create long-term benefits for future generations.”
The project combines Centralines' deep local connections and consumer ownership model with Lodestone's proven expertise in developing and operating utility-scale solar farms.
Through Centralines' ownership stake, long-term value generated by the project will remain connected to the Central Hawke's Bay community, while increasing the amount of locally generated renewable electricity available within the region.
Early works are underway, with construction commencing this spring.
For more information about the project visit:
https://www.centralines.co.nz/tell-me-about/electricity/major-projects/solar-farm-project/